GC Rieber Reduces Deficit, Ups Revenues

Norwegian offshore vessels provider, GC Rieber Shipping, has reported loss of NOK 84.6 million for the first six months of 2017, compared with a loss of NOK 547.5 million in the 1H 2016.

The Oslo-listed firm generated operating income of NOK 132.8 million in the first half of 2017, boosted by the higher utilisation of subsea fleet. This result compares with NOK 117 million same time last year.

Fleet impairments for the period were NOK 25.3 million.

The fleet capacity utilization was up from 45 percent in 1H 2016 to 81 percent in 1H 2017.

From June 30, 2017, the company has a contract backlog of NOK 463 million.

GC Rieber reported liquid assets of NOK 153.9 million, compared with NOK 577.6 million as of June 30, 2016.

Subsea World News Staff

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